Oil-related investments required to cover future demand for oil over the period 2015–2040 is estimated at almost $10 trillion, according to OPEC World Oil Outlook (WOO), published on December 23.

In particular, the investments needed for the upstream sector are estimated at $7.2 trillion, the report said. Most of this will be made in non-OPEC countries, and over the medium-term, they will need to invest around $250 billion each year.

OPEC, on the other hand, will need to invest an average of more than $40 billion annually in the remaining years of this decade, and over $60 billion annually in the long-term.

Average annual upstream investment requirements for non-OPEC in the long-term will decline to around $210 billion on the back of declining crude supply.

The investments needed in the midstream and downstream sector combined are estimated at around $2.7 trillion between 2015 and 2040.

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